Shuswap Revelstoke real estate market activity slows down

The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported total sales dollars of all property types sold on the MLS® in February decreased by 21.30% compared to February 2007. Units sold were also down over last year 37.5%% (65 units compared to 104 last February). The number of units listed on the Multiple Listing Service decreased by 7.27%from last February (204 listings this month compared to 220 in February 2007).

“For the first time in several months, both sales volume and units sold were down.” said Merry Anderson, OMREB Director and REALTOR® in the Shuswap Zone. “However, we cannot take one month’s statistics and make predictions on what this means until we see the results start to come in for the next three to four months. For example, the extreme weather conditions – cold and unusually high levels of snow – which forced highway closures in February would likely have had an affect on sales during the month.”

Anderson continued: “Provincially, the trend is towards a more balanced marketplace with fewer home sales and an increase in active listing inventories. Last year, our market significantly outpaced many urban markets due to strong buyer demand attributed to our abundant natural amenities and recreational opportunities. Market performance in the coming months will indicate whether or not we will follow provincial trends this year.”

(Source: March 2008 media release Okanagan Mainline Real Estate Board)